President Bola Tinubu has requested the National Assembly’s approval for a fresh external borrowing plan of N1.767 trillion ($2.209 billion) under the 2024 Appropriation Act. The proposed loan aims to partially finance the N9.7 trillion deficit in the 2024 budget. The Speaker of the House read the president’s request during Tuesday’s plenary session.
In addition, the president submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025-2027 to parliament. He also forwarded the National Social Investment Programme (NSIP) Amendment Bill, which seeks to institutionalize the social register as the primary tool for implementing the federal government’s welfare programs.
Meanwhile, the Central Bank of Nigeria (CBN) reported that the Federal Government spent $3.58 billion on foreign debt servicing in the first nine months of 2024. This figure marks a 39.77% increase compared to the $2.56 billion spent in the same period of 2023.
The CBN report revealed that the highest monthly debt servicing payment in 2024 was recorded in May, amounting to $854.37 million, while the peak payment for 2023 occurred in July, at $641.70 million.
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